HEARD ON THE BEAT / DARYL STRICKLAND

Koll Development Heads Back to Carlsbad

May 27, 1998|DARYL STRICKLAND | Daryl Strickland covers real estate for The Times. He can be reached at (714) 966-5670, and at daryl.strickland@latimes.com

For the sixth time in the past year, Koll Development Co. has invested in Carlsbad, this time paying $22 million to build a speculative office park.

The Newport Beach-based real estate developer recently acquired 12 acres of the Carlsbad Ranch from the Carltas Co. The new site, expected to open in September, will feature the Ocean Terrace Corporate Center, a 184,000-square-foot project consisting of one office building and three research and development structures.

The region, an emerging magnet for high-tech companies, enjoys ocean views and available land for build-to-suit tenants. A new Legoland theme park will be opening soon nearby.

Koll's developments in the San Diego region has grown to more than 1.8 million square feet valued at more than $200 million.

In its first-quarter survey of commercial properties, CB Richard Ellis found that out of 1.2 million square feet office space in Carlsbad, only 6.1% was vacant.